We shell out expected trends for all sorts of industries when it comes to a new year and that certainly doesn’t leave out the housing market. With rent on the rise and salaries lagging behind, Millennials may be ready for that first home purchase.
Here’s a few trends to factor in:
Lending Standards are Loosening: 3 % down payment mortgages will get first-time home buyers back in the game. The job market has a brighter future than years past, leaving home sales expected to climb. “A spike in the number of first-time home buyers should spark a chain reaction by enabling existing homeowners to sell their homes and buy more expensive ones.”
More Homes to Choose From: Home builders are expanding production to accommodate these needs. Instead of creating just one kind of home, builders such as D.R. Horton and KB Homes are creating “no-frills” homes ranging from 120 to 150 thousand dollars in price.
Mortgage rates will top off at about 4.5%: Though mortgage rates will eventually rise they aren’t expected to increase by more than 0.5% in 2015. Such rates are considered “very favorable,” historically.
First-time home buyer with more questions about the current market? Turn to the William Raveis real estate professionals at Leslie Clarke Homes in Fairfield County, CT. Call today at 203.984.1856 or visit our website for more information.